Australian retailers Myer, Premier surge on apparel business deal

Myer Holdings

28/10/2024 23:18

** Shares of Australia's Myer Holdings  MYR.AX  rise as much
as 7.7% to A$1.05
    ** Myer stock hits highest since March 2023
    ** Department store owner is taking over retail billionaire
Solomon Lew's Premier Investments  PMV.AX  portfolio of apparel
brands
    ** Total deal valued at A$863.8 mln ($568.38 mln)
    ** PMV shares rise as much as 16.4% to A$35.95 and are set
for their strongest trading session since early 2021
    ** PMV shares hit record high
    ** Myer will acquire Premier's Just Jeans, Jay Jays,
Portmans, Jacqui E and Dotti brands
    ** MYR has risen 61.7% this year, as of last close, while
PMV is up 11.9%

($1 = 1.5198 Australian dollars)

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))